Friday, December 4, 2020

Russia Loses Bid to Halt Enforcement of Yukos $fifty seven Billion ...

a close up of a bridge over a body of water: Mamontovskoye oil field, operated by Yukos Oil Co., in the Khanty-Mansi region of Russia. © Bloomberg Mamontovskoye oil container, operated by means of Yukos Oil Co., within the Khanty-Mansi location of Russia.

(Bloomberg) -- Russia lost a bid to suspend enforcement of $fifty seven billion in damages and interest won by using former shareholders of Yukos Oil Co. as the executive awaits a ruling on its ultimate enchantment towards the arbitration award late subsequent 12 months.

The Dutch Supreme court docket's choice on Friday follows The Hague courtroom of attraction's February choice to reinstate the record damages in the 15-yr prison saga that has raged between the Kremlin and the house owners of what became once Russia's biggest oil business.

After the previous $50 billion damages ruling in 2014, former Yukos shareholders sought to seize belongings in countries together with France, Belgium, the U.S. and India. In Belgium and France, state belongings that had been frozen were unblocked following Russian protests.

In may, the Russian Justice Ministry referred to the damages now quantity to $fifty seven billion together with activity.

The Kremlin has noted it isn't sure with the aid of the award, which amounts to a couple of tenth of its overseas reserves.

Hearings in Russia's attraction to the Dutch Supreme court difficult the ruling -- its last prison avenue to reverse the award -- start early in 2021, with a call anticipated within the autumn.

In its ruling Friday, the courtroom noted the chance of Russia's arguments succeeding if that's the case are "now not comparable to to warrant" suspending enforcement pending that determination. Russia's Justice Ministry spoke of the court wrongly applied "an excessively harsh typical in assessing the chances" it could win the case next yr.

while the Dutch choice on allowing asset freezes applies most effective to the Netherlands, it's likely to be taken into consideration with the aid of different jurisdictions.

GML, a keeping enterprise belonging to 4 former Yukos shareholders, has noted the ex-house owners may additionally goal state-owned Rosneft PJSC, which took over most of Yukos' belongings and operates in 25 countries everywhere.

(Updates with details from ruling, Russian reaction in seventh paragraph)

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©2020 Bloomberg L.P.

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